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2012 -- H 7282 | |
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LC00884 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATIONS | |
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Introduced By: Representatives McLaughlin, Hull, Gallison, Guthrie, and Azzinaro | |
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Date Introduced: January 31, 2012 | |
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Referred To: House Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 19-3 of the General Laws entitled "Powers and Operations" is |
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hereby amended by adding thereto the following section: |
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19-3-13.3. Debit cards. – (a) No financial institution or credit union authorized pursuant |
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to section 19-3-13 to make available for use by its clients any electronic banking devices or |
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machines (customer bank communication terminals/automated teller machines) shall charge a fee |
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to its clients for use of debit card to make a purchase or withdraw cash. |
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(b) As used in this section, the term “debit card” means a card, other than a “credit card,” |
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issued by a financial institution or credit union, that allows clients of the financial institution or |
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credit union immediate access to their accounts to withdraw cash or pay for goods and services. |
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(c) Any violation of this section shall result in a return of any fees charged by the |
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financial institution or credit union to the client and a fine of one hundred dollars ($100) per |
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incident to be levied against the offending financial institution or credit union. |
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SECTION 2. This act shall take effect upon passage. |
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LC00884 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATIONS | |
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This act would prohibit a financial institution or credit union from charging a fee for use |
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of a debit card for a purchase or cash withdrawal. This act would also provide penalties for |
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violations. |
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This act would take effect upon passage. |
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LC00884 | |
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